Ebix Inc.'s CEO and chief financial officer are free of class claims they misled investors about financial reporting related to gift and prepaid cards in India, the Second Circuit ruled.
Investors in the now-bankrupt software and e-commerce services provider fell short in alleging the necessary level of intent for securities fraud, the appeals court said Thursday in an unsigned, unpublished summary order.
- After Ebix acquired the dominant payment solutions company in India in 2017 and renamed it EbixCash, it prepared an initial public offering for the subsidiary but didn’t disclose financial reporting weaknesses, lead plaintiff Rahul Saraf said
- The appeal ...
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